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Allens advises on $551m shopping centre sale

Allens advises on $551m shopping centre sale

Allens has advised diversified listed property group, GPT Group, on the sale of half interests in two retail shopping centres for $551.2 million.

The firm, formerly Allens Arthur Robinson, used a team of lawyers from Sydney and Brisbane, including partners Nicholas Cowie and Victoria Holthouse.

The lawyers assisted GPT through all stages of the sale process, including sale contract negotiations, Minister's consent to transfer, and various accession arrangements.

The firm said the transactions involved the sale, to the GPT Wholesale Shopping Centre Fund,

of a 50 per cent interest in Casuarina Square Shopping Centre in Darwin, Northern Territory for $229.7 million and GPT's 50 per cent interest in Westfield Shopping Centre at Woden, ACT for $321.5 million.

The firm said the transactions were an important step towards fulfilling the client’s strategy of continuing to seek opportunities to optimise returns to security holders.

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